Quite simply, because they’ve come a long way - & are still bringing to market game-changing solutions for their customers.
In my 20 years in the software industry, there is something that has constantly been expanding in every business….data. Not only that, but a growing desire for that data to mean something, almost like a giant jigsaw puzzle, that, when put together, creates a picture you can see & makes sense.
Data without the means to understand it, to use it to drive decision making, often means that these essential information points become irrelevant & invoke an analytical lack of trust in the outcome. But when this lack of confidence extends into data not being used to drive down costs & to ensure maximum value from partners & suppliers, you end up hurting the business financially, not helping.
We’ve all become “procurement” specialists at home, haven’t we? The opportunity to get the best deal on a holiday, car insurance, energy, or cell phone supplier is endless. We all want to get the best value from what has also become an increasingly competitive marketplace. Ask yourself how many times you’ve switched any of the above in the last three years versus ten years ago?
This is because data is being presented to us quickly & efficiently to make informed decisions on whom we choose to spend our money. Why then would you not choose to do so from a professional perspective?
Well, simply, it’s time. When I think back to some of the procurement projects I have worked on, I was amazed at the scale of some. You would log into the finance system & find hundreds if not thousands of supplier records, with tens of thousands of transactions, & over in some instances, just as many spend categories. What is even more surprising was that there were multiple suppliers against the same category in many cases, some with significant variances in price, which, when presented back to the procurement team or key project stakeholders, came as just much as a surprise to them.
But the reality is, even when you have a procurement platform managing your buying processes (which is the first step to spend under management greatness) - it can still be a time-consuming task.
Someone still needs to analyze all the data & information being processed through your procurement software & present those findings back in a meaningful framework to aid decision-making around which vendors you choose to purchase from. When you think about how many suppliers you deal with personally, it pales into insignificance compared to what many businesses deal with professionally.
What might take you an hour on a late Sunday afternoon could take days, if not weeks, across your entire spend portfolio. Add to that your insight is only as good as your existing supplier network; it again gives you a limited view into where savings are deriving from.
That is why I am excited to join Compleat Software, working within the Procure team, which gives you meaningful insights via their Spend Analytics tool & then broadens this insight across the whole Compleat platform & partner network.
All orders & invoices through their purchase-to-pay system are then captured into Compleat’s data lake. It’s taken in real-time to build a constant reflection of your spending from the first transaction to the latest one. It is then grouped into industry-standard procurement expenditure categories, allowing a total overview of your business spending in each category.
But this is the REALLY clever part — instead of you spending hours comparing this against various price lists, online catalogs, websites, & via countless telephone & email conversations, they can do it for you!
Showing you where you could make savings in each of those categories, with the information being provided by their procurement partners. While Compleat evolves, their main goal is still the same, creating time, removing tedious tasks, & driving forward value.
So, I am really excited about the opportunity this will provide to Compleat’s customers; it’s the final piece in that jigsaw puzzle.